Wednesday, 18 May 2011

GBP/USD daily and hourly

The daily chart shows a break downwards through the trend line formed from the December lows, followed by a re-test earlier this week. Another move lower looks to be developing today

The hourly chart shows a break lower through the trend line formed from recent lows, raising the odds that the re-test shown on the daily chart is complete.

Gold daily

Gold is testing the trend line formed from the January lows. I will consider the trend to be up unless the market breaks downwards in to the previous trading channel,  particularly below 1450.